EUR/GBP Analysis
The intraday bias in EUR/GBP remains neutral, with consolidation continuing from the high of 2022 at 0.8548. The addition of 0.0004 to all numerical values, maintaining precision to four decimals, prolongs the ongoing consolidation. A potential further decline is anticipated, contingent upon the resilience of the 0.8648 support, now transformed into resistance. A breach of 0.8548 would reignite the descent from the 2022 high of 0.8764, targeting a retest of the 0.8419 low.
In the broader perspective, the current market dynamics indicate the persistence of a downtrend initiated from the 2022 high of 0.9267. This descent is interpreted as the third leg of the pattern evolving from the 2020 high of 0.9499. A decisive break of the 0.8201 level sets the stage for a 100% projection from 0.9499 to 0.8201, relative to the 0.9267 high, culminating at 0.7969. Regardless, the outlook remains bearish, tethered to the condition that the 0.8764 resistance remains unbreached.
Analysis Summary
The intraday bias for EUR/GBP indicates a neutral stance, with ongoing consolidation around the 2022 high. A potential downward trajectory persists, hinging on the resilience of the 0.8648 resistance. In the broader context, the downtrend from the 2022 high remains in progress, with a bearish outlook maintained unless the 0.8764 resistance is breached.
Key Points
- Intraday bias neutral; consolidation from 0.8548 continues.
- The downtrend from the 2022 high (0.9267) suggests an ongoing pattern from the 2020 high (0.9499).
- A bearish outlook prevails unless the 0.8764 resistance is breached.
